Gold has surged to all‑time highs, recently breaking the $3,300 per ounce level, as soaring safe‑haven demand has driven a 26% gain year‑to‑date. Markets are reacting to a combination of a weakening dollar, escalating trade tensions—especially the new U.S. tariff threats—and renewed central-bank purchases. Fund inflows into gold ETFs are at their largest in five years, with Asian institutional buyers alone accounting for 28% of global demand in the first half of 2025.